FXCM to Seek Repayment on 60% of Losses From Swiss Franc Move
(Bloomberg) — FXCM Inc., the currency brokerage that almost failed due to trading losses, said it would seek repayment of about 60 percent of the money it lost as a result of the Swiss central bank’s decision to drop its currency controls.
The broker will seek to recoup money from about 10 percent of the clients who have negative balances as a result of the Jan. 15 decision, New York-based FXCM said today in a statement. Those clients, mainly institutional or high-net-worth individuals, had more than half of the negative balances that day, according to the statement.
To contact the reporter on this story: Zeke Faux in New York at zfaux@bloomberg.net
To contact the editor responsible for this story: Steve Dickson at sdickson1@bloomberg.net
